Fried Frank announced today that it will remain the primary anchor tenant in one of the city’s premier office buildings after committing to a long-term lease.
Fried Frank will continue to occupy nearly 103,000 square feet on floors five through eight in Lafayette Tower at 801 17th Street NW. The firm signed a 10-year lease extension to remain in the 11-story building through 2037. Fried Frank is an original tenant of the building, which opened in 2010, and is currently undergoing renovations. An affiliate of Morgan Stanley Real Estate Advisor owns the property.
“We are delighted to renew our lease at Lafayette Tower,” said Jonathan L. Mechanic, Chairman of Fried Frank’s Real Estate Department. “The decision to remain in this location reinforces our appreciation for this fantastic space and the important and long-standing relationship that we have with the ownership team.”
Stream Realty Partners Executive Managing Director and Partner Kyle Luby and Managing Directors Matt Pacinelli and Andy Eichberg represented the landlord in the transaction. Vice Chairman Craig Reicher, Executive Vice President Chau Leung, First Vice President Mark Minich Jr., Vice Chairman Tim Dempsey, Executive Vice President Ramneek Rikhy and Chairman Stephen Siegel of CBRE represented the tenant. Stream, a national commercial real estate firm offering an integrated platform of services, has a growing office in Washington, DC, focused on office landlord and tenant representation.
Stream Washington, DC, has been working with the building’s owner to reinvigorate the amenities in the building, including a completely renovated and expanded fitness center. The rooftop terrace with stunning views of the White House, US Capitol and Washington Monument also will undergo a makeover inside and out. A new indoor lounge and event space, bar area and catering kitchen will complement a revamped outdoor terrace with a heated pergola for all-year use.
“Lafayette Tower is a beautifully built-out space in a prime location and very much enhances the professional experience of our people,” said Michael J. Alter, Managing Partner of Fried Frank’s Washington, DC, office. “We are thrilled to continue to call this space our home in DC”
Lafayette Tower is currently 90% leased, with several speculative suites available ranging from 3,900 square feet to 8,000 square feet.
“Highly amenitized buildings with strong ownership and first-class property management will continue to be attractive to the best tenants in the market,” Eichberg said. “Fried Frank saw value in remaining in the building long term as we continue to improve the amenity base and service offerings. In addition, we were able to structure the lease so the firm could re-invest in its space to create a more employee-centric environment. It was a true ‘win-win’ for both sides that wouldn’t have come to fruition without a great working relationship between all parties.”
